What is required for a workfile when a Restricted Appraisal Report is provided?

The requirement for an appraiser to maintain a workfile when providing a Restricted Appraisal Report stems from the standards set by regulatory and professional guidelines that govern appraisal practices. A workfile serves as a collection of all relevant data, calculations, and analyses used in the appraisal assignment.

By maintaining a workfile, the appraiser ensures that there is comprehensive documentation that supports the conclusions and opinions presented in the report. This is crucial for transparency and accountability, allowing for the appraisal to be reviewed and justified if needed. The creation of a workfile serves to safeguard the appraiser by providing evidence of compliance with industry standards, aiding in quality assurance and demonstrating thoroughness in the appraisal process.

In contrast, the other options suggest either a lack of requirement for a workfile or imply that it may not be necessary. However, complying with the obligation to maintain a workfile is essential for maintaining professional integrity and adherence to accepted appraisal practices.